These differences appear to have made Square Cash more popular with lower-income customers who more often need instant access to their money and who don’t have as wide a variety of credit cards and other financial options.“We are reaching an audience that may not have a bank account or may not have a full suite of services from a bank,” Mr. Dorsey told analysts last quarter.

The so what: Square Cash has, a bit sneakily, appeared as potentially one of the most successful new consumer products in fintech in the past couple of years. Venmo dominates the P2P payment market amongst HENRY's and college millennials in metropolitan areas and it seems as though Squash Cash is finding success in the inverse, lower income markets. Will be interesting to see what consumer facing products or business payment products targeting this demographic Square will create next.